Euronav Concludes Billion-Dollar Acquisition of CMB.TECH
Belgian tanker operator Euronav has concluded the acquisition of 100% shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.
The transaction is part of Euronav’s renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.
It was first announced in December 2023, and also entails Euronav’s proposal change its corporate name to CMB.TECH following completion of the transaction and the offer. The company added it plans to keep the ‘Euronav’ name as the brand name for its tanker division.
“This is an important step towards a sustainable future for the shipping industry. Together with CMB.TECH, we are ready to embark on a journey towards decarbonisation, pioneering a greener future of maritime activities,” Euronav said in a statement.
The acquisition will be financed from the cash proceeds of the sale of part of the VLCC fleet to Frontline, as previously announced. The transaction includes $2.49 billion roll-over debt through bank, leasing and shipyard liabilities.